Core Viewpoint - The article discusses the current state of JD's food delivery business, highlighting its significant losses and strategic shift towards a more sustainable growth model amidst fierce competition in the delivery sector [4][5][6]. Summary by Sections Financial Performance - In Q2, JD reported a new business loss of 14.7 billion, exceeding investor expectations, with net profit down 51% year-on-year [4][5]. - Total revenue grew by 22.4% to 356.7 billion, with the new business segment, including food delivery, seeing a revenue increase of 198.8% to 13.852 billion [8][13]. - The core retail business remains the strongest performer, with a revenue increase of 20.6% and an operating profit margin of 4.5%, marking the highest record for JD during major promotional periods [5][13]. Strategic Shifts - JD is adopting a more pragmatic approach in the food delivery sector, focusing on building a solid foundation rather than competing aggressively for market share [4][7]. - The company aims to enhance user, merchant, and delivery personnel experiences while prioritizing quality over quantity in its service offerings [5][10]. Market Position and Competition - The competitive landscape has shifted, with JD becoming a quieter player in the "delivery war," as rivals like Taobao and Meituan ramp up their efforts [7][11]. - JD's strategy includes avoiding direct competition with rivals during peak promotional periods, instead opting to support quality merchants through subsidies [7][8]. User Engagement and Growth - JD's active user base saw a significant increase, with daily active users up 35% and monthly active users up 17% year-on-year [8][9]. - The company is working on enhancing cross-selling capabilities between its food delivery and core retail businesses, although the effectiveness of this strategy remains uncertain [10][11]. Future Outlook - JD's management emphasizes a focus on sustainable business models rather than engaging in excessive competition, aiming for long-term growth through operational improvements and user experience enhancements [11][12]. - The company acknowledges the role of government subsidies in its recent performance but does not intend to rely on them as a long-term strategy [12][13].

以下文章来源于商业弧光 ，作者苗正卿 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜苗正卿 题图｜视觉中国 京东可能会重新思考外卖这件事的意义和策略。 8月14日晚，在京东财报会议上，超过一半的提问都围绕外卖和即时零售业务而来。大部分针对外卖的提问都 涉及到了"投入与产出"、"用户增长"、"利润率"。 其中高盛的提问很具有代表性："现在这个领域有三家公司，甚至更多企业参与竞争。其实最终拼的是耐力、执 行力和差异化。考虑到第一名公司规模最大，第二名有非常雄厚的资金实力，作为目前的第三名，京东应如何 思考自身在投入和长期经营上的决心？如果未来我们需要在外卖领域持续投入较长一段时间，可能也会产生亏 损，我们应该如何评估流量入口的用户获客成本、交叉销售的机会，以及用户体验（ UE ）的提升空间？" 这正是京东2025年第二季度业务和财报的一个缩影：在连续发力外卖、即时零售等业务两个季度后，围绕新业 务的投入正在改变京东既有的"业绩盘"，如何让这些业务在未来成为京东整体"有机的一环"，更是成为关键命 题。 影响京东净利润的核心原因，是针对新业务的投入，财报显示新业务整体亏损额达到148亿元 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company reported strong retail growth, with a revenue of 356.7 billion yuan for the quarter, representing a year-over-year increase of 22%. The retail segment alone generated 310.1 billion yuan, up 21% year-over-year, driven by robust performance in self-operated categories and a continuous improvement in operational capabilities [10][11]. - New business revenue reached 13.9 billion yuan, showing a significant year-over-year increase of 199%, although it incurred an operating loss of 14.8 billion yuan primarily due to investments in the food delivery business [2][11]. - The company is focusing on enhancing its system capabilities and deepening e-commerce synergies to drive further growth in gross merchandise volume (GMV) [11]. Revenue Summary - The company achieved total revenue of 356.7 billion yuan, with retail revenue contributing 310.1 billion yuan, and logistics revenue at 51.6 billion yuan, reflecting a year-over-year growth of 17% [10][11]. - The retail business continues to benefit from government subsidies, particularly in the home appliance category, which grew by 23% year-over-year [10][11]. Profitability Summary - The non-GAAP net profit for the company was 7.4 billion yuan, down 49% year-over-year, with a non-GAAP net profit margin of 2.1% [2][11]. - The operating profit margin (OPM) for the retail business was 4.5%, an increase of 0.6 percentage points year-over-year, indicating improvements in procurement costs and supply chain efficiency [11]. Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 1,335.4 billion yuan, 1,420.2 billion yuan, and 1,488.7 billion yuan, respectively, reflecting slight upward adjustments [2][23]. - Due to increased losses in the new business segment, the forecast for annual operating losses has been revised from 16.4 billion yuan to 42.7 billion yuan [2][23].

Core Insights - The digital economy has transformed payment systems from mere transaction tools into a vital part of the "digital new infrastructure," enhancing settlement efficiency and optimizing capital flow, thus driving the growth of the real economy [1][5] - JD Pay and White Bar have expanded their partnerships with over 100 leading companies across various industries, including Pizza Hut, KFC, and 12306, providing consumers with tangible discounts and creating new growth opportunities for merchants through diverse payment solutions [1][3] Group 1: Payment Innovations - JD Pay offers various payment methods, supporting both online and offline transactions, and has achieved full scenario coverage, serving over 100 leading key account enterprises [4] - The rapid payment experience is highlighted by features such as one-click card binding and three-second payment processing [4] - White Bar has evolved from a single credit consumption product to a comprehensive financial service ecosystem, linking over 2 million merchants with 270 million consumers [5] Group 2: Consumer Benefits - Consumers benefit from various discounts, such as "29 off 10" at Pizza Hut and significant reductions on train tickets, showcasing the practical advantages of using JD Pay [3] - The integration of diverse consumption scenarios provides consumers with small but meaningful savings, enhancing their overall shopping experience [3] Group 3: Economic Impact - The People's Bank of China and six other departments have issued guidelines to support consumption, emphasizing the need to optimize payment services and enhance the consumption environment [3] - The value of payment infrastructure is being redefined as JD Pay and White Bar deepen their integration into essential consumer sectors like dining, travel, and retail, thus improving transaction efficiency and contributing to economic growth [5]

Core Insights - JD Group's Q2 FY2025 financial report highlights robust growth in a challenging market, with total revenue reaching RMB 356.66 billion, a 22.4% increase year-over-year, surpassing market expectations of RMB 335.45 billion [1] - Despite a slight decline in net profit, adjusted net profit under non-GAAP was RMB 74 billion, indicating ongoing profitability after financial restructuring [1] - The adjusted earnings per ADS were RMB 4.97, significantly exceeding the market estimate of RMB 3.78, showcasing strong earnings stability [1] Retail Segment Performance - The retail segment reported net revenue of RMB 3.101 trillion, a year-over-year growth of 20.6%, reflecting strong growth momentum [2] - Operating income for JD Retail reached RMB 139 billion, up from RMB 101 billion in Q2 2024, demonstrating significant improvement [2] - The operating profit margin increased from 3.9% in Q2 2024 to 4.5% in Q2 2025, further validating the profitability and operational efficiency of JD Retail [2] Financial Data Summary - JD Retail net revenues rose from RMB 257.07 billion in Q2 2024 to RMB 310.08 billion in Q2 2025 [3] - JD Logistics net revenues increased from RMB 44.21 billion to RMB 51.56 billion during the same period [3] - New Businesses segment revenues surged from RMB 4.64 billion to RMB 13.85 billion, indicating strong growth in this area [3]

Group 1: Tencent's Headquarters Development - Tencent's headquarters park has been completed by 30% and will enter trial operation in October [1] - The park, located in Shenzhen, covers an area of 809,000 square meters and is designed to accommodate over 80,000 employees [1] - The construction of employee apartments aims to address housing difficulties for young employees and enhance their sense of belonging [1][2] Group 2: BYD's New Racing Facility - BYD's all-terrain racetrack in Zhengzhou has officially opened, featuring various unique track types [2] - The racetrack includes a 1,758-meter course with nine bends and a straight acceleration section of 550 meters, allowing speeds over 220 km/h [2] - This facility serves as a platform to showcase BYD's technical capabilities and supports performance validation for electric vehicles [2] Group 3: Lenovo's Financial Performance - Lenovo reported a record revenue of 136.2 billion yuan for Q1 of the 2025/2026 fiscal year, a 22% year-on-year increase [3] - Net profit also grew by 22% to 2.816 billion yuan, driven by the implementation of a hybrid AI strategy [3] - The infrastructure solutions segment saw a revenue increase of 35.8%, with AI infrastructure revenue doubling [3] Group 4: China Unicom's Revenue Growth - China Unicom's revenue surpassed 200 billion yuan in the first half of the year, marking a 1.5% increase [4] - The company's profit totaled 17.7 billion yuan, reflecting a 5.2% year-on-year growth [4] - The growth is attributed to the stability of traditional communication services and advancements in smart network services [4][5] Group 5: GAC Group's New Automotive Initiative - GAC Group has launched the Huawang Automotive city recruitment plan, focusing on a "less business, more stores" strategy [5] - The plan aims to create a diversified and professional store matrix to enhance brand penetration [5] - This initiative is expected to reduce channel costs and boost sales for GAC's new energy vehicles [5] Group 6: Xiaomi's User Engagement Strategy - Xiaomi's CEO Lei Jun initiated a poll regarding the renaming of the Xiaomi YU7 model, with over 70% of voters supporting no name change [6] - This reflects Xiaomi's commitment to user participation in brand decisions, reinforcing its user-oriented approach [6] - The strong user support for the current product positioning is crucial for Xiaomi's market share in the competitive smart electric vehicle sector [6] Group 7: JD Group's Strategic Partnership - JD Group has signed a strategic cooperation agreement with Dongfeng Motor Group to enhance collaboration in various sectors [7] - The partnership will focus on full-channel marketing for passenger vehicles and green intelligent logistics for commercial vehicles [7] - This collaboration aligns with the trend of integrating online and offline operations in the automotive industry [7]

Group 1: Tencent Headquarters Development - Tencent's headquarters park has been completed 30% as of August 14, with trial operations set to begin in October [2] - The park, located in Shenzhen, covers an area of 809,000 square meters and is designed to accommodate over 80,000 employees [1][2] - The construction of employee apartments aims to address housing difficulties for young workers, enhancing their sense of belonging and recognition towards the company [1][2] Group 2: BYD's New Racing Facility - BYD's all-terrain racetrack in Zhengzhou officially opened on August 14, featuring various specialized tracks [3] - The racetrack includes a 1,758-meter course with nine turns and a maximum straight-line acceleration of 550 meters, allowing speeds over 220 km/h [3] - This facility serves as a platform to showcase BYD's technical capabilities and provides a testing ground for electric vehicle performance [3] Group 3: Lenovo's Financial Performance - Lenovo reported a record revenue of 136.2 billion yuan for Q1 of the 2025/2026 fiscal year, marking a 22% year-on-year increase [4][5] - The company's net profit also grew by 22% to 2.816 billion yuan, driven by the successful implementation of its hybrid AI strategy [4][5] - The infrastructure solutions segment saw a revenue increase of 35.8%, while AI infrastructure revenue doubled, contributing to Lenovo's competitive advantage [5] Group 4: China Unicom's Revenue Growth - China Unicom's revenue surpassed 200 billion yuan in the first half of the year, reflecting a 1.5% year-on-year growth [6] - The company's profit reached 17.7 billion yuan, up 5.2% from the previous year, supported by stable traditional communication services and growth in smart network services [6] - The smart network services segment generated 45.4 billion yuan, accounting for 22.7% of total revenue, indicating a shift towards digital infrastructure [6] Group 5: GAC Group's New Automotive Initiative - GAC Group launched the Huawang Automotive city recruitment plan, focusing on a "few businesses, many stores" strategy [7] - The plan aims to create a diversified and professional store matrix to enhance brand penetration and reduce channel costs [7] - This initiative is expected to drive sales growth for GAC's new energy vehicles if successfully implemented [7] Group 6: Xiaomi's User Engagement Strategy - Xiaomi's CEO Lei Jun initiated a poll regarding the renaming of the Xiaomi YU7 standard version, with over 70% of voters supporting no name change [8] - The strong user support reflects recognition of the product's positioning and reinforces Xiaomi's user-centric brand identity [8] - This approach is crucial for Xiaomi to maintain its market share in the competitive smart electric vehicle sector [8] Group 7: JD Group's Strategic Partnership - JD Group signed a strategic cooperation agreement with Dongfeng Motor Group to enhance collaboration in various automotive sectors [9] - The partnership will focus on full-channel marketing for passenger vehicles and green intelligent logistics for commercial vehicles [9] - This collaboration aligns with the trend of integrating online and offline operations in the automotive industry [9]

Core Viewpoint - JD.com is reassessing the significance and strategy of its food delivery business, focusing on the balance between investment and returns, user growth, and profit margins [1][2]. Group 1: Business Strategy and Performance - The majority of questions during JD.com's earnings call centered on the food delivery and instant retail sectors, highlighting concerns about investment versus output and user growth [1]. - CEO Xu Ran emphasized viewing the food delivery business through an ecological lens, integrating it with core retail to create synergies and cross-selling opportunities [2]. - JD.com's revenue for Q2 reached 356.7 billion yuan, a year-on-year increase of 22.4%, but net profit dropped by 51% to 6.2 billion yuan, primarily due to losses from new business investments totaling 14.8 billion yuan [2][3]. Group 2: Market Position and Challenges - JD.com holds approximately 10% of the food delivery market, ranking third, and faces challenges in overtaking the top two competitors, Meituan and Alibaba [4]. - The core revenue sources, particularly in the 3C product and daily necessities categories, showed moderate growth, indicating that new business expansions have not yet significantly boosted the core business [3]. Group 3: Future Outlook and Investment Strategy - JD.com is focusing on converting food delivery users into core e-commerce customers, viewing investments in food delivery as a means to attract new users and drive traffic [5]. - The company is exploring a sustainable business model for food delivery and instant retail, aiming for long-term viability rather than short-term gains [6].

Core Viewpoint - The article discusses the impact of JD's aggressive entry into the food delivery market, highlighting a significant loss in its financial performance while also achieving substantial revenue growth. The strategy of "loss for traffic" is emphasized as a long-term vision despite short-term financial setbacks [1][3][12]. Financial Performance - JD's Q2 revenue reached 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in three years [2][7]. - The net profit for Q2 fell by 50.8% to 6.2 billion yuan compared to the same period last year [12]. - The operating loss for JD's new business segment, primarily driven by food delivery, was 14.78 billion yuan in Q2, a significant increase from 1.33 billion yuan in Q1 [11]. Business Strategy - JD's founder, Liu Qiangdong, believes that the food delivery business is a means to bind users through high-frequency transactions, which can then be directed towards higher-margin businesses like e-commerce and finance [3][4]. - The company aims to leverage its supply chain capabilities to achieve profitability in the long run, despite initial losses in the food delivery sector [3][4]. New Business Ventures - JD's new business revenue, including food delivery, reached 13.85 billion yuan, a year-on-year increase of 198.8% [8]. - The company is also exploring new directions such as AI and international expansion, with significant investments in these areas [5][19]. Competitive Landscape - The entry of JD into the food delivery market has intensified competition with Alibaba and Meituan, leading to increased regulatory scrutiny [4]. - JD has opted not to engage in aggressive subsidy wars, focusing instead on sustainable growth and avoiding "zero-dollar purchases" that harm the industry [22]. Future Outlook - JD's CEO, Xu Ran, emphasizes a long-term vision for the food delivery business, aiming for sustainable development over immediate results [13]. - The company is also investing in AI and international operations, with a recent acquisition of Germany's Ceconomy for 18 billion yuan, which will enhance its European presence [20][21].

Core Viewpoint - The acquisition of Jia Bao Supermarket by JD is not merely a purchase but a strategic partnership aimed at leveraging JD's supply chain advantages to enhance the shopping experience for Hong Kong consumers [1][2]. Group 1: Acquisition and Partnership - JD has officially announced the completion of its acquisition of Jia Bao Supermarket, aiming to integrate its supply chain capabilities into Jia Bao's extensive offline presence in Hong Kong [1]. - A three-day promotional event offering a 20% discount on all products was launched to celebrate the partnership, showcasing JD's products in Jia Bao stores [1]. Group 2: Product Offerings and Sales Performance - JD has introduced several self-branded products, such as beer and fruit juices, which have quickly gained popularity among Hong Kong consumers, with sales of JD's beer nearly doubling [1]. - The promotion includes popular items like durians and Japanese peaches, leading to long queues at Jia Bao stores [1]. Group 3: Supply Chain and Quality Control - JD aims to utilize its extensive supply chain and logistics capabilities to ensure that high-quality products reach Hong Kong consumers more efficiently [2]. - A rigorous quality management and traceability system is in place for product procurement and development, ensuring compliance with Hong Kong food safety standards [2]. Group 4: Future Plans and Local Management - JD plans to introduce nearly 100 self-branded and fresh products to Jia Bao by the end of the year, covering various categories such as fruits, vegetables, and seafood [3]. - The founder of Jia Bao expressed confidence in maintaining local management while benefiting from JD's technological and resource support, ensuring continued service to the community [3].